How do I manage my money?

Managing your finances can be quite a challenge, especially in the aftermath of the pandemic and the cost-of-living crisis. This is why it has become a common question for employees to ask themselves – how do I manage my money? This blog lists our recommendations to help employees stay on top of their finances.

Create a Budget

Creating a budget is always a great place to start when considering money management. According to a study by Capital One, people thinking about their long-term goals are more likely to feel in control of their life and finances. Putting together a budget allows people to keep track of their money, so they have a clearer idea of when and what they can spend. Employees can use budgeting tools and find tips online to help them get started.

Savings Pots

Whilst budgeting can help you plan for your immediate expenses, putting together a savings pot can help you plan and manage money for the future. Many banks offer access to savings pots within your pre-existing bank account so people can keep their money separate from their main account to prevent them from dipping into their savings and help them build up their funds for a later date.

Saving money

Monitor Spending

Monitoring your spending is a must when you are considering how to manage your finances. By monitoring your money, you can track how much you’re spending, how frequently you’re spending, what it is you are spending money on and whether it is a necessity. Most banks have apps you can download which allow you to set up notifications every time money comes out of your account. Tracking your spending may help you avoid overspending and stay within your budget.

Company Benefits

It’s common for businesses to offer their employees benefits as recognition for being a part of the company. Those benefits can extend into the world of finances with employers offering financial wellbeing benefits such as auto-enrolment into pension schemes and signing employees up to savings apps.

Income Group’s Earned Wage Access app is a massive company benefit that employers could offer, allowing employees to improve their financial wellbeing and manage their money. The Income Group EWA app allows employees to withdraw their wages as they earn them. This would help employees with their budgeting and saving as they can see what they’ve earned and withdraw whatever they may need. The app also includes a save feature which links to savings pots with external banks, helping employees make the conscious decision to move their money into savings accounts and build up their funds. Contact our team to find out more.

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